Matrix Asset Advisors Inc 13F holdings and portfolio analysis
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Baseline
Analyse-NachrichtenVorbereitete Q&A zu diesem Fonds. Als Referenzkontext für Ihre eigene Analyse verwenden.
Directly following the baseline exposes an investor to a moderately concentrated, sector-skewed portfolio with meaningful filing-lag and trading-friction risk. Top 5 holdings are 26.43% and top 10 are 45.56%, with MSFT at 7.62%, MS at 5.07%, JPM at 4.81%, AAPL at 4.56%, and PNC at 4.37%. Financials are the largest sector at 31.76%, followed by Information Technology at 23.82%. Even with beta below market at 0.93, the backtest still suffered a -36.26% max drawdown, 2,443 trades, 1.54 total estimated cost, and risk notes that one quarter approached 100% turnover, all of which make real-world replication harder than the headline holdings imply.
The recent baseline trade-off is best explained by a mix of strong rebound quarters and repeated smaller shortfalls. The strongest recent upside came in 2024-06-30, when the baseline returned 10.88% versus 9.83% for SPY, for +1.05% excess return, and in 2025-09-30, when it returned 2.72% versus 1.49%, for +1.24%. But weak periods were frequent: 2023-06-30 returned -4.64% versus -1.77% (-2.87% excess), 2024-12-31 returned -5.29% versus -3.63% (-1.66%), and 2025-06-30 returned 1.79% versus 4.20% (-2.41%). Turnover also stayed meaningful, ranging from 8.86 in 2023-12-31 up to 22.22 in 2025-06-30, showing that the baseline’s modest 9.52% annualized return came with both drawdown and implementation friction.
Before accepting the baseline, a user should inspect three things: sector concentration, turnover costs, and which holdings actually drove recent excess return. Sector weights show 31.76% in Financials and 23.82% in Information Technology, while top 10 holdings are 45.56%, so concentration is material even before looking beyond the top names. Implementation matters too: the backtest logged 2,443 trades and 1.54 total estimated cost, and the risk notes warn that delayed filing-based execution and a near-100% turnover quarter can create slippage. Finally, the period table shows mixed outcomes, with excess returns swinging from +1.05 in 2024-06-30 to -2.87 in 2023-06-30 and -2.41 in 2025-06-30, so the next step is to identify whether those swings came from a small set of names or a broader style effect.